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California voters will consider a measure in November to raise taxes on billionaires
Supporters say the levy would raise $100 billion for healthcare, while opponents warn it could drive wealthy residents and tax revenue out of the state.
- On Thursday, proponents of a California billionaire tax measure vowed to move forward with their November ballot initiative despite mounting opposition from political forces and business leaders.
- The Service Employees International Union Healthcare Workers West proposed a one-time 5% tax on individuals with net worth exceeding $1 billion to generate $100 billion for Medicaid after federal healthcare funding cuts.
- Google co-founder Sergey Brin donated $82 million to the Building a Better California committee, part of a coalition that raised more than $118 million from fewer than a dozen donors opposing the tax.
- Two 'poison pill' ballot initiatives also qualified for November, including measures barring new personal property taxes, while Democratic Gov. Gavin Newsom continues opposing the primary billionaire tax proposal.
- Critics warn the measure could increase California's budget volatility, while supporters argue the 2026 midterm election must prioritize flipping Congress to counter President Trump's final two years in office.
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CA voters to consider billionaire tax to fund healthcare after Medicaid cuts
California voters will consider a controversial proposal in November to temporarily raise taxes on billionaires after the labor union backing the measure announced Thursday it would forge ahead despite pressure from critics to withdraw it. The proposal, backed by the Service Employees International Union Healthcare Workers West, would impose a one-time 5% tax on individuals...
Associated Press News+16 Reposted by 16 other sources
California voters will consider a measure in November to raise taxes on billionaires
Californians will vote in November on a controversial proposal to impose a one-time tax on billionaires to help fund federal funding cuts to healthcare for low-income people.
·New York, United States
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Coverage Details
Total News Sources29
Leaning Left7Leaning Right7Center9Last UpdatedBias Distribution39% Center
Bias Distribution
- 39% of the sources are Center
39% Center
L 31%
C 39%
R 30%
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